SoftBank-backed creator startup Jellysmack lays off 8% of workforce

Asian Tech Press (June 10) -- SoftBank-backed creator startup Jellysmack laid off 8% of its workforce on Wednesday as part of its major restructuring.

The layoffs have affected several divisions of the company. In addition, Jellysmack planned to suspend some of its international operations, closing branches in Italy, Germany and the Netherlands.

The company anticipated a short-term decline in advertising spending amid the current macroeconomic turmoil, curbing its marketing investment.

However, Jellysmack will continue to employ more than 1,000 employees after the layoffs, according to Insider.

The startup has raised $991 million from backers including SoftBank, Unilever Ventures and Highland Europe.

In 2021, Jellysmack secured money from SoftBank Vision Fund 2 (SVF 2) in a Series C funding round. At that time, Yanni Pipilis, Managing Partner at SoftBank Investment Advisers, joined the Los Angeles AI-based tech startup's board of directors.

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